Contractors Insurance

Contractors need coverage to, whether on the job or after it has already been completed.
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Contractors Insurance Overview

Contractor’s insurance is a policy designed to protect contractors from the risks they face in their daily operations. This can include legal expenses that come of unintentional bodily injury or property damage, product malfunction, and so much more. D.G. Smith can help contractors find a policy fitted to their individual needs so that they can focus on growing their business.

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Bodily Injury

If your contracting business is found legally liable for bodily injury to a third party or client, you may be sued as a result. Without insurance, your business could be responsible for thousands of dollars’ worth of legal expenses! You can mitigate or avoid these costs entirely by having the right contractor’s insurance.

Property Damage

If you are regularly entering your client’s homes to do work for example, as a plumber, roofer, or electrician, no matter how safe you are on the job, there is always a chance for damages. You are working with your client’s integral systems, after all. If you caused damages without insurance, you would have to pay out of pocket for the repairs or replacements. This could range into the thousands of dollars – which is why contractor’s insurance is so important.

Warehouse workers at meeting with their managers and architect.They watching plans of storage rooms, before them on the table are the plans of storage, protective equipment and notebook
Professional painter holding a paint roller soaking in white wall pain


Equipment Breakdown:

This can offer compensation for any repairs or replacements due to equipment malfunction or breakdown.

Equipment and Tool Floater:

This provides coverage for loss or damage to tools and equipment while they are being used off premises.

Completed Operations:

This includes coverage following a completed job if any injuries or accidents occur due to your finished work or product.

Common Endorsements

With as many contracting businesses as there are out there, contractor’s insurance can come in many different forms. If your general contractor’s insurance is not enough to cover all of your business exposures, you can opt to purchase endorsements to increase your coverage. This can include scheduling high value tools and equipment, coverage for equipment during transit and installation, and more.

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“Contractors” covers a wide spectrum of professionals and industries, and generally refers to general contractors, subcontractors, tradespeople, but also property owners who are looking to do their own work. Contractors can operate in many capacities including ventilation system repair, painting, landscaping, roofing, etc., and may be required by their hiring body to show proof of contractor’s insurance.

Your needs will vary depending on the work you do but they may also vary depending on the industry you operate in and if you are legally required to carry some base minimum of coverage.

Short answer: yes, absolutely. Every business, no matter its size, should acquire insurance fitted to its needs in order to ensure operations can flow as smoothly as possible and that if anything disastrous should happen, there’s a safety net in place.

Generally, yes. While it may not be a legal requirement for some subcontractors to carry contractor’s insurance, the contractor you work under or the company you work for may require it. You may even find it difficult to acquire work without proof of insurance. If you are hiring a subcontractor, insurance companies often require them to carry their own insurance.

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